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3/17, 9:14 PM (Source: TeleTrader)
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FedEx Q3 revenue at $17.5B, up 3% YoY

FedEx Corp. announced on Tuesday its revenue in the third fiscal quarter of 2020 stood at $17.5 billion, rising 3% on an annual basis. Operating expenses grew 6% year-over-year to $17.1 billion. Net income dropped 57% compared to the prior year to amount to $315 million. This translated to $1.20 earnings per share.

The company stated the decline in operating results resulted from the ongoing COVID-19 outbreak, as well as increases in operating costs and insurance combined with a loss of business from a large customer.

"We continue to deliver for our customers and are ready to support increased demand for our International Express export services due to the significant reductions in intercontinental air capacity. While the global economic impact from recent social distancing mandates is uncertain, we remain well-positioned to assist our customers as they work to manage their supply chains and inventories. We will continue to support efforts to combat the pandemic," chairman and chief executive Frederick Smith said in the press release.

Breaking the News / MD